06 October 2013
pls tell me if any assesee(propritorship firm)to whom tax audit is applicable.is it liable for any panelty if he fails to file his return within the due date of return filing date??& if yes then what amount of panelty will be payable??
06 October 2013
There are two possibilities of incurring a financial penalty for filing returns after the due date. Under Section 271F of Income Tax Act, there is a provision whereby the assessing officer may slap a penalty of Rs 5,000, if an individual fails to furnish ITR before the end of the relevant assessment year.
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